Jacobs Entertainment has added to its portfolio of old Reno motels with the purchase of motel buildings with a total of 63 units.
The company, which also owns the Sands Regency hotel-casino and is developing the Reno Neon Line District, purchased the Rancho Sierra Motel in a $10.5 million transaction in September that actually involved three parcels purchased from Bajwa Properties LLC.
Garrett Gordon, an attorney representing Jacobs, commented, “For these motels, we’re currently studying all options for the properties. However, the buildings are full of bed bugs so several tenants have asked us to assist with relocation.”
The company is assisting the 47 current residents to find new homes and making improvements to the properties while they look.
The company’s plans are to acquire motel properties as part of a redevelopment of the West Fourth Street corridor that CEO Jeff Jacobs is calling the Reno Neon Line District. He told the Reno Gazette-Journal in 2019: “We want to create an arts and entertainment district so people can come from the Bay Area and spend some money in Reno.” Jacobs added, “My goal is to have people, families and out-of-towners walk up and down West Fourth Street and be comfortable.”
Critics claim that Jacobs is removing de-facto affordable housing when the cost of housing is on the rise in Reno. One Reno council member observed, “The only economic development going on here is for Mr. Jacobs’ bottom line,” adding, “I’ve seen Mr. Jacobs continue to tear down property and build nothing.”
Jacobs is also busy spending $300 million on the remodel and eventual rebranding of the old Sands Regency hotel-casino.
